The Real Deal Miami

Foreclosed Palm Beach Mall to be shuttered Jan. 30

December 22, 2009 03:32PM

The Palm Beach Mall is preparing to celebrate its last Christmas before Japanese financial services firm ORIX, the mall’s mortgage servicer, takes control of the property next month. The mall’s current owner, Simon Property Group, was hit with a foreclosure lawsuit after it allegedly failed to repay $55.4 million in loans from JPMorgan Chase, and now the mall’s site is slated for development. The mall will be shuttered Jan. 30, with the exception of J.C. Penney, the Firestone automotive center, and George’s Music, all of which have outside entrances, and therefore, longer-term leases which require longer notice before termination. The city expects to hold community meetings to hear ideas for the site, where the current structure will likely be torn down, said West Palm Beach Mayor Lois Frankel. “The day of the indoor mall is probably passe,” Frankel said. “We’re looking for a new venue more appealing to today’s shoppers.” [Palm Beach Post]